Your NEXT Stimulus Check!

 So, the US Senate knocked and rolled over 24 hours, and the Senate passed the latest $1.9 trillion dollar stimulus package. ( Of course this bill goes back to the House for a second approval. There are some differences in the bills between the 2 houses of congress. I'm pretty sure the House will pass this bill from the Senate. )

Here is who is going to receive the $1400 check.

Individuals who earn as much as $75,000, or couples making $150,000, plus their children or adult dependents, qualify for the full $1,400 per person. Single parents with at least one dependent who earn $112,500 or less also get the full amount. Families in which some members have different citizenship and immigration classifications are also eligible for a payment, if at least one person has a Social Security number. The payments phase out much more quickly than in previous rounds: An individual with income of $80,000, or a couple with $160,000, get nothing. That’s the result of a last-minute compromise to maintain the support of moderate Democrats who wanted to more narrowly target the money.

How will I get this check?

The IRS hasn’t yet announced a timeline for releasing the payments. In the two previous rounds, the agency first sent direct deposit payments to those for whom it had bank account information on file, then mailed paper checks or pre-loaded debit cards to everybody else. In round one, last March, it took the IRS about two weeks to process the payments. In round two, in December, it took just a few days once the bill was signed into law.

What if I have not gotten the second check? 

The IRS has added an extra line -- line 30, “Recovery rebate credit” -- to this year’s individual tax return Form 1040 to claim any missing payments. If you are missing some or all of those payments you can claim the additional amount and it will be added onto your tax refund.

Are there any other tax changes in this bill?

The legislation expands the child tax credit for one year to $3,600 for children under 6, and to $3,000 for children ages 6 to 17. The current credit is $2,000 per child. The IRS will start sending the credit in advance to households in the form of monthly payments. The legislation would also make up to $10,200 of unemployment benefits tax-free for those in households earning no more than $150,000, a change that would save many people from facing surprise tax bills on jobless benefits. 

Not kidding here, I using my check to go to Europe. 

And as always you are all upset about your check, give it to me, while I'm in London, I'll go and get a suit on Savile Row. ( I wish, they start at about £5000)